BA215 Australian Taxation Law (300 words) just need to do IRAC

Question Description

Advice Jordan the assessability and deductibility of the below transaction. Show calculations and support your advice by reference to relevant tax legislation and tax cases.

Advice Jordan on the tax implications regarding the deductibility, FBT and GST associated with the $2,000 gym membership. Show calculations and support your advice by reference to relevant tax legislation and tax cases.

Jordan does not operate a business, but has shares in Australian listed companies and owns one rental property at Coogee. Jordan is a full-time employee of Bendigo Bank and works as an assistant manager at the Sydney office on a salary of $75,000 per year.

Question

Jordan is interested in purchasing investment properties in regional Melbourne, in Bendigobecause of the better valuefor money for propertiescompared to Central Melbourne or Sydney. After being introduced to a real estate agent in Bendigo, Jordan flies to Melbourne early on Saturday and returns back to Sydney on Monday morning. The real estate agent picks Jordan up from the airport and drives to Bendigo. The agent pays for the hotel accommodation and drives Jordan around the properties. Jordan incurs $700 in airfares from Sydney to Melbourne and incurs a $120 taxi fare from the airport to Bondi. Jordan decides to purchase one of the properties the real estate showed him for $450,000. The purchase was settled on the 20 December 2019 and the exchange of contracts was on the 11 November 2019 and has begun receiving rent from tenants from the 21 December 2019. The interest on the loan was $15,000 for the 2019-2020 income year. The rent received from renting the property was $30,000 for the 2019-2020 income year.

Guidance

Step 1: Understand the question and the facts

Step 2: Identify the taxation law issues that are raised (see below items)

Step 3: Research the relevant legislation and case (see Principles of taxation law Topics, 2, 5, 6,7,8, 9,11,12,13,14, 25.)

Step 4: Apply the law to the problem, referring to relevant cases and legislation

Step 5: Form a conclusion.

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